• 4 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 7 minutes Countries with the most oil and where they're selling it
  • 10 minutes Stack gas analyzers
  • 13 minutes What Would Happen If the World Ran Out of Crude Oil?
  • 1 day US Military Spends at least $81 Billion Protecting OPEC Persian Gulf Oil Shipping Lanes (16% DoD Budget)
  • 4 hours How many drilling sites are left in the Permian?
  • 32 mins Mueller Report Brings Into Focus Trump's Attempts to Interfere in the Special Counsel Investigation
  • 1 day Overheating the Earth: High Temperatures Shortened Alaska’s Winter Weather
  • 1 hour Case against Trans Mountain Begins
  • 2 hours "Undeniable" Shale Slowdown?
  • 27 mins Trudeau Faces a New Foe as Conservatives Retake Power in Alberta
  • 27 mins End of Sanction Waivers
  • 43 mins Climate Change Protests
  • 21 mins China To Promote Using Wind Energy To Power Heating
  • 1 day Everything Is Possible: Germany’s Coal Plants May Be Converted to Giant Batteries
  • 1 hour U.S. Refiners Planning Major Plant Overhauls In Second Quarter
  • 2 days Tax Credits for Energy Storage
  • 2 days Gas Flaring

Breaking News:

Guaido Takes Strides To Topple Maduro

Jen Alic

Jen Alic

 

More Info

Trending Discussions

Statoil Eyes “Considerable” North Sea Discovery

Norway’s Statoil (STO) is sitting on a new discovery in the North Sea that could contain between 40 million and 150 million recoverable barrels of oil equivalent, the company said last week.

Statoil announced the discovery in its Gullfaks license area in the Shetland Group/Lista Formation in the North Sea. The Norwegian company is the operator of the license, with a 70% interest, in partnership with Petoro, a minority partner with 30%. 

The 40-150 million recoverable barrels estimate is still under a “high degree of uncertainty”, with additional appraisals ongoing to confirm the findings.

Related article: Developed Nations have Already Passed Peak Oil Demand

According to Statoil, the Gullfaks finds are younger and shallower deposits compared to its Brent Group reservoir, which is the primary deposit in the license area.

Gullfaks is being developed through three permanent installations which have produced over 2.4 billion barrels of oil and over 56 billion cubic meters of gas to date.

“The discovery provides new volumes that can give high-value production in a short time as well as new promising perspectives for the field and the installations, Oystein Michelsen, Statoil executive vice president for development and production in Norway, said in a statement.

By. Jen Alic of Oilprice.com




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News